PFRDA mulls hike in pension limit under APY to Rs 10,000 and age up to 50 years – In order to make Atal Pension Yojana more attractive for investors, PFRDA is planning to double pension limit from Rs 5,000/- to Rs 10,000/-. This will attract more people towards the scheme and provide better inflation-beating returns. Further, the other change proposed by PFRDA was to increase the maximum age to enter the Atal Pension scheme to 50 years from the existing 40.
The above proposal by PFRDA is now under the consideration of the central government.
Atal Pension Yojana (APY) was introduced in June 2015. The aim of launching the APY scheme was to provide the old age pension security for unorganized sectors. Currently there are 10 million subscribers, with nearly five million people enrolling for the scheme in 2017-18.
As on 31 March, 10.2 million subscribers have contributed to the scheme with Rs 4,400 crore. Currently the scheme has 60% men and 40% women.